Prime Medicine (NASDAQ:PRME) Trading 12.3% Higher – Here’s What Happened

Shares of Prime Medicine, Inc. (NASDAQ:PRME) traded up 12.3% during trading on Wednesday . The company traded as high as $3.16 and last traded at $3.3360. 395,173 shares were traded during trading, a decline of 85% from the average session volume of 2,618,115 shares. The stock had previously closed at $2.97.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. Wall Street Zen cut Prime Medicine from a “sell” rating to a “strong sell” rating in a research note on Wednesday, May 13th. Oppenheimer began coverage on Prime Medicine in a research report on Thursday, March 12th. They set an “outperform” rating and a $11.00 price objective for the company. Finally, Lifesci Capital raised Prime Medicine to a “strong-buy” rating in a research report on Monday, March 2nd. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $7.65.

Prime Medicine Trading Up 3.0%

The stock has a market capitalization of $614.11 million, a price-to-earnings ratio of -2.76 and a beta of 2.35. The company’s 50 day moving average is $3.41 and its 200 day moving average is $3.66.

Prime Medicine (NASDAQ:PRME) last released its quarterly earnings data on Thursday, May 7th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.24) by ($0.04). The company had revenue of $0.86 million during the quarter. Prime Medicine had a negative net margin of 4,917.55% and a negative return on equity of 188.82%. Analysts anticipate that Prime Medicine, Inc. will post -0.98 EPS for the current fiscal year.

Hedge Funds Weigh In On Prime Medicine

A number of institutional investors have recently modified their holdings of PRME. AQR Capital Management LLC boosted its stake in Prime Medicine by 1,419.4% during the 1st quarter. AQR Capital Management LLC now owns 243,795 shares of the company’s stock worth $485,000 after purchasing an additional 227,749 shares during the period. Jacobs Levy Equity Management Inc. acquired a new position in Prime Medicine in the first quarter valued at $101,000. Rhumbline Advisers raised its holdings in shares of Prime Medicine by 13.8% in the first quarter. Rhumbline Advisers now owns 81,900 shares of the company’s stock valued at $163,000 after buying an additional 9,944 shares during the last quarter. Creative Planning acquired a new stake in shares of Prime Medicine during the second quarter worth about $25,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Prime Medicine by 253.4% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 119,856 shares of the company’s stock worth $296,000 after buying an additional 85,938 shares during the period. 70.37% of the stock is owned by institutional investors and hedge funds.

About Prime Medicine

We are a biotechnology company committed to delivering a new class of differentiated one-time curative genetic therapies, Prime Editors, to address the widest spectrum of diseases by deploying our Prime Editing technology, which we believe is a versatile, precise, efficient and broad gene editing technology. Genetic mutations implicated in disease are diverse and can range from errors of a single base, known as point mutations, to errors that extend beyond a single base, such as insertions, deletions, duplications, or combinations thereof.